Systems and methods for directing a money transfer to a receiving party account

Abstract

Systems and methods which facilitate money transfer transactions to a receiving account are provided. Embodiments may provide for interaction between a money transfer service and one or more receiving account entities. Such interaction may be configured to cooperatively utilize transaction details in order to correctly route transferred funds to a receiving account. Embodiments may utilize this cooperation to prevent sensitive information from being widely distributed by parties which participate in a money transfer transaction.

Description

TECHNICAL FIELD[0001]The present application relates to money transfer transactions, and more specifically to systems and methods for facilitating money transfer transactions which are directed toward an account of a receiving party.BACKGROUND[0002]Generally speaking, money transfers are real-time transactions in that a transaction begins when a sender initiates the transaction at the time the money is to be sent to a receiving party. For example, a money transfer may be utilized in an emergency setting such as when a receiving party has an immediate need for funds. In such a transaction, a sender initiates a money transfer transaction with a money transfer service, such as with a local agent located within a MoneyGram® location. When the transaction information is gathered and the structure of the transaction is finalized, the sender provides the funds to a money transfer agent at or before the time that the funds of the transaction are actually transferred.[0003]Once the funds are...

AI Technical Summary

Benefits of technology

This approach reduces errors and inefficiencies in money transfer transactions by enabling accurate identification of target accounts without requiring sensitive information from the sending party, thereby enhancing transaction efficiency and security.

Problems solved by technology

The need for such information may be problematic when a sending party does not have precise information (e.g. a full formal name of the receiving party, precise name for a receiving bank, etc.), or when a receiving party may not want to provide the information to either the sending party or a money transfer service.

Inefficiency in a money transfer transaction causes additional administrative cost and potentially causes customer dissatisfaction.

For transactions that are directed to a receiving party account, in the event that a portion of the transaction information is missing or inaccurate, inefficiencies arise wherein resources of the money transfer service will be required in order to complete or cancel the transaction.

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